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 Good Economic News, for a ChangePosted on Mar 10, 2009
The Dow had a big day on Tuesday, leaping 379 points after Citibank reported two months of profits and Fed chief Ben Bernanke indicated the banks could have some wiggle room in the accounting of their junk assets. The day may have ended with high-fives on Wall Street, but there’s good reason to stay gloomy.
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By woodro, March 12 at 2:51 am #
(Unregistered commenter)
Clinton got us into this mess by passing the Gramm-Leach-Bliley Act in 1999. Bush then led the way promoting unparreled greed & corruption inevitably destroying the country, all to avoid a mild recession in his first term from the dot com bust. Obama’s advisers are the same arsonists that helped burned down the economy. One things for sure -
Life as we know it in this country will never be the same again
Report thisBy Terry Thomas, March 11 at 5:23 pm #
(Unregistered commenter)
Obama_Is_The_New_Hitler????????????? You’ve got to be kidding or just insane. Bush got us into this mess. Bushit must have been related to some kind of Devil to get away with 8 years of deregulating the bankers international stock trading for the extremest greediest most imperialistic minded aristocrats in recent history. On the other hand Obama did take single payer health care off the table which gives the insurance market our future. He is escalating the war in Afghanistan. So, you might have a small point! But Hitler? Ralph Nader was the man for our time. “Tear down that wall” he said as he stood in front of the Stock Market on Wall Street. I don’t think the average American who is loosing his home cares much whether the stock market goes up or down. I think Obama would do well to nationalize the banks and fire the bankers who got us into this mess. He should cut out the insurance gambling mafia heads - AIG in particular with 600 trillion in derivative gambles. That’s right. No insurance middle men would be the ticket. Obama should get tough with the bankers as he postured a week or so a go.
Report thistp
tp
By Hulk2008, March 11 at 2:24 pm #
Unlike the pseudo “hitler” dude who chimed in earlier, I actually watched the financial talking heads yesterday afternoon as they literally cheered about the prospects of the stock market. Larry Kudlow and his chums were absolutely giddy. One by one they chimed in with various rosy predictions and their own empirical analyses of stock futures. Each one had a different take but all agreed that we were “at or near the bottom” and all were trending upwards. One guy even claimed the market would double within the next 12 to 18 months. Of course, the rest of the evening we heard Faux and other talking heads (the political non-finance types) spread more gloom and doom. But it was a nice change of pace - especially from those who are usually so dour. I myself remain a bit skeptical - but what do I know about stocks? My 401k looks like a chewed up old dish towel. At least I am not claiming ANYbody killed 651,000 in 7 weeks - not even both Bushes combined.
Report thisBy Little Brother, March 11 at 9:20 am #
Even someone as naturally allergic to financial and economic issues as Your Humble Narrator knows that one big “up” day on the stock market means nothing.
In the run-up (or run-down) to the (first) Great Depression, the market had many such peaks—and valleys. Then it really did crash.
But the media always covers day-to-day booms and busts in this puerile and infantile manner. It’s another symptom of the Terminal Dumbing of Amerika.
Report thisBy coloradokarl, March 11 at 3:21 am #
The GOP will pound the talking points into the reality TV crowd until they believe this is Obama’s recession . Mindless Sheep led into the slaughter.
Report thisBy Shift, March 11 at 2:13 am #
The Fed is bankrupt.
http://www.globalresearch.ca/index.php?context=va&aid=12648
Report thisBy jerrypl, March 11 at 12:52 am #
In other words, the taxpayer made a profit! SInce Citi is only worth around $51B, the same worth as Autozone, the taxpayers, who have funneled billions into the company through TARP, and the Fed Fund Window giveaways, we made a profit. What crap!!! We essentially own the company, therefore any profits should be OURS! This is why the market went up 3% just because CIti waved their hands in good cheer?
http://eye-on-washington.blogspot.com
Report thisBy yours truly, March 10 at 7:49 pm #
(Unregistered commenter)
Wall Street Goes Up And Wall Street Goes Down, But What’s This Got To Do With The Misery All Around?
“Very little.”
“Based on?”
“The fact that the hungry, the homeless, the jobless and the sick without access to health care are with us no matter Wall Street’s ups & downs.”
“The answer being?”
“Goodby & good riddence to Wall Street.”
“Instead what?”
“An economic system that’s for everyone, not just the rich & powerful.”
“And then what sort of world?”
“It’ll be up to us.”
Report thisBy Obama_Is_The_New_Hitler, March 10 at 6:58 pm #
(Unregistered commenter)
Obama has killed 651,000 since becoming POTUS.
Report thisHe has destroyed 9 trillion dollars in wealth.
He has enslaved us, our descendants and their descendants, out to five generations.
He has devastated the markets until they are back to what they were in 1985, when they were still reeling form the Carter Recession.
A little fluctuation does not excuse that, or cancel it out.
By skulz fontaine, March 10 at 5:44 pm #
Okie-dokie ever-body, back in the ‘market’ pool. We’s SAVED! So let’s see, the ‘market’ shed about 10,000 points and that was just the peripheral crap and of course Bushco and Paulson. Today the ‘market’ bucks up 379 and wow-oh-wow-whee! Yup, we is gonna be jes fine yessiree!
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